Deal Details and Regulatory Hurdles
On Monday, YPF's board accepted Edenor's US$780 million bid for its entire stake in Metrogas and MetroEnergía, according to a company statement. The transaction includes 70% of Metrogas' capital and voting rights, comprising 290,277,316 Class A shares and 108,142,529 Class B shares, plus 5% of MetroEnergía, equivalent to 11,500 Class A shares. The sale price is at the upper end of earlier valuations, which ranged between US$500 million and US$800 million.[S1][S3][S4]
The competitive process was managed by Citigroup as YPF's financial advisor. The closing is subject to conditions including regulatory approvals from ENARGAS and antitrust authorities, as well as compliance guarantees. The deal was announced on August 10, 2026, and follows a process that began in April with 13 non-binding offers, later narrowed to nine companies and then five finalists.[S1][S3][S4][S5][S6]
Edenor's New Energy Empire
Edenor, whose shareholders include José Luis Manzano, Daniel Vila, and Mauricio Filiberti, now controls Argentina's largest gas distributor, serving over 2.4 million customers in Buenos Aires and the southern suburbs. Manzano, who already held a 9.23% stake in Metrogas through Integra Gas Distribution, expands his energy portfolio, which includes control of Edenor and a minority stake in Phoenix Resources. Vila is president of Grupo América, a media conglomerate.[S1][S2][S4][S5]
The acquisition positions Edenor's shareholders as dominant players in both electricity and gas distribution. Manzano has been active in recent energy deals, including Mercuria's purchase of Raizen's Argentine operations, which included a refinery in Dock Sud and Shell service stations. The Metrogas license, which expires in December 2027, could be extended by 20 years to 2047, pending official approval, adding to the business's value.[S2][S4][S5]
YPF's Strategic Pivot to Vaca Muerta
YPF's sale aligns with CEO Horacio Marín's strategy to optimize its asset portfolio and focus on Vaca Muerta shale development. The company aims to become a world-class shale producer and expand into global energy markets. This divestment follows the sales of YPF Brasil and its stake in Profertil, as well as a significant portion of its conventional oil blocks, as part of the Plan 4x4 initiative.[S1][S2][S3][S4]
YPF had controlled Metrogas since 2012, when it acquired a 54.67% stake in Gas Argentino from British Gas, giving it indirect control of 70% of Metrogas. The gas distribution privatization occurred in 1992, with Metrogas starting operations on November 24 of that year. In the first half of 2026, Metrogas reported revenues of $724,765 million, an 8% increase from the previous year, and a gross profit rise to $255,275 million.[S1]
